The Latino EconomicDevelopment Center seeks to contract with Business Consultants to provide technical assistance directly to small businesses eligible for THRIVE in three Business Consulting Categories: Business Operations; Business Marketing; and Business Financial Planning services.
Donor Name: Latino Economic Development Center
State: Virginia
County: Fairfax County (VA)
Type of Grant: Grant
Deadline: 08/04/2023
Size of the Grant: Up to $10,000
Details:
The intent of this RFP is to identify one or more qualified Offerors to contract with LEDC to provide consulting services in Financial Planning to THRIVE small business Beneficiaries. Financial Planning services analyze assets, income, expenses, and other financial aspects of a THRIVE small business Beneficiary in order to achieve goals and increased profitability
LEDC partners with government entities and private donors to rapidly deploy financial assistance to vulnerable families and small businesses. LEDC is the Program Administrator for THRIVE and is responsible for managing the technical assistance program and grants process for the THRIVE program. LEDC will adhere to all federal requirements and guidelines associated with managing ARPA funding.
Business Consultants that are contracted to provide services for THRIVE are not guaranteed to serve a specific number of businesses, as utilization of their services will be determined by multiple factors. This includes: the total number of applicants that apply and qualify for assistance; an assessment of the THRIVE small business Beneficiary needs; demand for services from the THRIVE small business beneficiaries; and the total available funding in the THRIVE program.
Business Consulting Category – Financial Planning
- Financial Planning and Projections
- Financial Health Checkup + Additional 20 hours Consulting Services
- Corporate Tax Advisory
- Other Financial Planning Service (Optional)
Funding Information
The THRIVE program will provide an estimated 600 eligible small business entities with business consulting services in the form of non-cash technical assistance services grants up to $10,000 in value.
Tasks to be performed – Service Areas
Tasks to be performed for each of the service areas may include, but are not limited to, the following activities:
- Financial Planning and Projections: Financial forecast and preparation to cover future expenses and generate future income
- Recommended consulting services on this topic include the following activities:
- Assist Beneficiary to forecast revenue, expenses, and cash flow for the next 24 months
- Assist Beneficiary to establish a contingency plan for periods with low cash flow or potential natural disaster
- Advise Beneficiary to manage cash flow surplus and make decisions about debt reduction, owner withdraws, cash reserves or investment on the business
- Financial Health Checkup + Additional 20 hours Consulting Services: Assessment of current financial standing
- Recommended consulting services on this topic include the following activities:
- Analyze business financial statements to evaluate profitability, indebtedness, and liquidity by calculating key metrics to compare business performance with industry standards
- Assist Beneficiary to identify financial strategies to improve underperforming areas. E.g., Audit expenses to ensure efficiency and value-add, refinance high-interest financing, adjust pricing
- Corporate Tax Advisory: Analysis and recommendations about taxation strategies
- Recommended consulting services on this topic include the following activities:
- Analyze business tax returns from the last two years (Local and Federal) and business operation to identify opportunities for tax savings
- Assist Beneficiary in making estimated tax payments and provide a tool to forecast tax liabilities
- Assist Beneficiary to set up electronic payments (if needed)
- Provide advice to establish payment plans if taxes are past due
- Other Financial Planning Service: Offeror may propose a financial planning service that is not included in the service areas list (1-3)
- The Offeror may propose a Financial Planning Service that is not included in the service areas list (1 through 3). Financial Planning services analyze assets, income, expenses, and other financial aspects of a THRIVE small business Beneficiary in order to achieve goals and increased profitability
- The Offeror should specify the financial planning service and identify the key activities that will be undertaken to provide the deliverable (typically between 5-8 activities would be listed). Other proposal submission requirements apply
- The total cost of Other Financial Planning Service should not exceed $10,000
- The Offeror’s response to this section will be evaluated using the same evaluation process as applied to other service areas
- No benefit or decrement will be given in the evaluation for providing a response in this category.
Administrative and Other Tasks to be Performed
In addition to providing services, Offerors will be expected to complete the following tasks:
- Execute THRIVE Beneficiary/Business Consultant agreements with each small business Beneficiary to which they are assigned, prior to providing services
- Report on the completion of deliverables in the THRIVE Business Consultant portal, which will be made available to business consultants
- Participate in program orientation sessions and planning meetings with LEDC and Fairfax County program staff, as required
- Adhere to reporting requirements as determined by LEDC. This could include, but is not limited to, reporting on performance metrics such as: the number of businesses served; type of service delivered; amount of time to complete services; qualitative feedback; samples of work product and other performance metrics as determined
- Responsive and timely communication with THRIVE Beneficiaries
- Deliver services in-person or virtually. Offerors must specify whether services will be provided inperson or virtually. (THRIVE Beneficiaries will be located in Fairfax County. Travel costs or site visits will not be covered separately).
Offeror’s Qualifications and Experience Requirements
- Required Qualifications:
- Must have been operating their current organization (business or nonprofit) for at least two years
- Must have experience addressing the needs of businesses in the services areas of business consulting they propose to offer
- Preferred Qualification:
- Experience serving small business entities (49 or fewer employees) and diverse businesses
- Diverse businesses can include, but are not limited to minority-owned, women-owned, disabled-owned and veteran-owned small businesses.
For more information, visit LEDC.
